ETF News

MOVES-Morgan Stanley hires ex-JPMorgan exec as new CEO of Saudi office

RIYADH, July 10 (Reuters) - Morgan Stanley named a new chief executive of its office in Saudi Arabia on Monday, as the firm carries out work on high-profile deals like the initial public offering of state oil giant Aramco.

Abdulaziz Alajaji was previously head of corporate banking at JPMorgan & Chase Co in the kingdom.

Rival JPMorgan enjoys a strong position in Saudi Arabia, having been in kingdom for more than 80 years.

Morgan Stanley has maintained a presence in Saudi Arabia since 2007, but has joined other banks in expanding its footprint there to take advantage of an economic reform agenda introduced last year.

Chief executive James Gorman said in May that Saudi Arabia could be a “major opportunity” for the firm and that both he and bank president Colm Kelleher have been spending a significant amount of time there.

Saudi Aramco appointed Morgan Stanley, JPMorgan and HSBC earlier this year as the international financial advisers for its share sale, Reuters reported in March. The IPO is expected to be world’s largest.

Reporting by Katie Paul; Editing by Saeed Azhar